Internationality is in the Federal Republic of Germany no mere slogan. A country whose industry and commerce is so closely interlinked with the economies of other countries needs international cooperation, and that not only within the restricted circle of its EEC partners, but also in the wider...

This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution is both theoretical and empirical. On the theoretical side, we develop a model for the global oil market and integrate this within a compact quarterly model of the global economy...